Reeves gives tax boost to German discounters in battle with British supermarkets [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
New figures suggest Aldi and Lidl are poised to benefit from the Treasury's planned overhaul to the business rates system , which will ramp up tax costs for their supermarket rivals which have a greater number of large stores. According to property data company Altus, Tesco, Sainsbury's, Morrisons and Asda are facing steeper tax bills on more than 1,500 properties under the planned changes which will make it more expensive to run their large supermarkets. The Treasury has suggested it is looking to apply a higher rate of tax to large properties, with a rateable value of £500,000 or more, to pay for a discount for smaller properties in a major reset of the business rate system. For Aldi and Lidl, Altus estimates suggest that only 42 stores will fall into the upper band and be subject to higher business rates. This is because generally discounters have smaller stores than the hypermarkets operated by their rivals. Altus said it expected the “vast majority” of both German retail
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